CAP. 112]
[s. 19 cont.]
Liability of certain non-resident persons.
Profits of certain businesses to be computed on a percentage of the turnover.
Inland Revenue.
under the provisions of Part VII the portions of any loss incurred in the basis period for any year of assessment of any trade, profession or business falling on a member shall first be set off against the other income of that member. If the amount of the loss falling on a member cannot be wholly set off against his other income for the year of assessment following the year in which it was incurred the amount of the loss not so set off shall be set off against what would otherwise have been his chargeable income for the next five years in succession: Provided that the amount of such loss allowed to be set off in computing the chargeable income for any year shall not be set off in computing the chargeable income of any other year.
[20]
20. (1) For the purposes of this section-
(a) a person is closely connected with another person where the Commissioner in his discretion considers that such persons are substantially identical or that the ultimate controlling interest of each is owned or deemed under this section to be owned by the same person or persons;
(b) the controlling interest of a company shall be deemed to be owned by the beneficial owners of its shares, whether held directly or through nominees, and shares in one company held by or on behalf of another company shall be deemed to be held by the shareholders of the last-mentioned company.
(2) Where a non-resident person carries on business with a resident person with whom he is closely connected and the course of such business is so arranged that it produces to the resident person either no profits or less than the ordinary profits which might be expected to arise, the business done by the non-resident person in pursuance of his connexion with the resident person shall be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly.
[21]
21. Where the true amount of the profits of a non-resident person in respect of a trade, profession or business carried on in the Colony cannot be readily ascertained, such
310-
CAP. 112]
[s. 19 cont.]
Liability of certain non- resident persons.
Profits of certain busi- nesses to be computed on a percentage of the turnover.
Inland Revenue.
under the provisions of Part VII the portions of any loss incurred in the basis period for any year of assessment of any trade, profession or business falling on a member shall first be set off against the other income of that member. If the amount of the loss falling on a member cannot be wholly set off against his other income for the year of assess- ment following the year in which it was incurred the amount of the loss not so set off shall be set off against what would otherwise have been his chargeable income for the next five years in succession: Provided that the amount of such loss allowed to be set off in computing the chargeable income for any year shall not be set off in computing the chargeable income of any other year.
[20]
20. (1) For the purposes of this section-
(a)
a person is closely connected with another person where the Commissioner in his discretion considers that such persons are substantially identical or that the ultimate controlling interest of each is owned or deemed under this section to be owned by the same person or persons;
(b) the controlling interest of a company shall be deemed to be owned by the beneficial owners of its shares, whether held directly or through nominees, and shares in one company held by or on behalf of another company shall be deemed to be held by the shareholders of the last-mentioned company. (2) Where a non-resident person carries on business with a resident person with whom he is closely connected and the course of such business is so arranged that it pro- duces to the resident person either no profits or less than the ordinary profits which might be expected to arise, the business done by the non-resident person in pursuance of his connexion with the resident person shall be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly. [21]
21. Where the true amount of the profits of a non- resident person in respect of a trade, profession or business carried on in the Colony cannot be readily ascertained, such
310-
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